Elvalhalcor Hellenic Copper and Aluminium Industry (ELHA) H2 2025 earnings summary

Executive summary

• Delivered resilient operational profitability with adjusted EBITDA at €236 million, nearly flat year-over-year, despite volatile economic conditions, inflation, tariffs, and higher energy costs.

• Sales volumes increased by 2.6% to 600,000 tons, led by the aluminium segment, with packaging as the most resilient market.

• Consolidated revenue rose 5.1% to €3,614.5 million, driven by higher sales volume and increased LME prices.

• Net debt reduced by €38 million to €605 million, reflecting strong free cash flow and disciplined capital allocation.

• Profit after tax remained stable at €109.5 million, with EPS at €0.2761.

Financial highlights

• Revenue increased 5.1% year-over-year to €3,614 million, with adjusted EBITDA at €236 million, down just 0.6% from prior year.

• Earnings before taxes at €125 million, slightly lower than the previous year, impacted by lower positive accounting metal results and financial instrument remeasurement losses.

• Free cash flow generated was €76 million, enabling investments, debt reduction, and higher dividends.

• Dividend distributed increased to €39 million, with a proposal for €0.11 per share for 2025 results.

• Net financial costs declined by 20% year-over-year to €36 million.

Outlook and guidance

• Cautiously optimistic for 2026 despite persistent macroeconomic uncertainty and elevated energy costs.

• Geopolitical risks, especially in the Middle East, could impact energy prices, freight, and supply chains.

• No major new CapEx plans for 2026 due to market uncertainty; ongoing evaluation of opportunities.

• Demand for copper and aluminum expected to remain stable, with growth in packaging, data centers, and energy-efficient buildings.

• Disciplined cost control and prudent working capital management prioritized.